S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7247
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              April 18, 2019
                                ___________
 
 Introduced  by  M.  of  A.  ZEBROWSKI  --  read once and referred to the
   Committee on Governmental Employees
 
 AN ACT to authorize Tracy McMahon, the widow of Aloysius F. McMahon,  to
   file  a  new  service  retirement application and option election form
   with the New York state and  local  employees'  retirement  system  on
   behalf of such deceased member
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Notwithstanding any other provision of law to the contrary,
 Tracy McMahon, the widow of Aloysius F. McMahon, who was a member of the
 New York state and local employees' retirement system, who died after he
 filed for retirement but prior to his effective retirement  date,  shall
 be authorized to file a new service retirement application and an option
 election  form  on behalf of her deceased husband with a joint allowance
 full option, if, within one year from the effective date  of  this  act,
 she  shall  submit a request therefor to the state comptroller. In addi-
 tion, his date of retirement shall be deemed to have been September  11,
 2018.  Once  such application is received, any rights or benefits to the
 pre-retirement ordinary death benefit payable upon the death of a member
 in service pursuant to section 448 of the retirement and social security
 law shall be waived. Any amounts paid by the New York  state  and  local
 employees'  retirement  system as the result of the death of Aloysius F.
 McMahon prior to the filing of the  request  for  a  service  retirement
 benefit  pursuant  to  this  section  shall be deducted from the service
 retirement benefit payable thereafter on an actuarially equivalent basis
 over the expected future lifetime of Tracy McMahon.
   § 2. Any additional costs for this act shall be paid by the  state  of
 New York.
   § 3. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10982-03-9
              

 A. 7247                             2
 
   This  bill  would authorize Tracy McMahon to file a service retirement
 application with a date of retirement  of  September  11,  2018  and  an
 option election form with a joint allowance full option on behalf of her
 deceased  husband  Aloysius  F. McMahon. Any amounts paid as a result of
 Mr. McMahon's death will be deducted from the service retirement benefit
 payable.
   If  this  bill  is  enacted during the 2019 legislative session, there
 will be an immediate past service cost of  approximately  $1.12  million
 that would be borne by the State of New York as a one-time payment. This
 estimate  is  based on the assumption that payment will be made on March
 1, 2020.
   Summary of relevant resources:
   The membership data used in  measuring  the  impact  of  the  proposed
 change  was  the same as that used in the March 31, 2018 actuarial valu-
 ation.  Distributions and other statistics can  be  found  in  the  2018
 Report  of  the  Actuary  and  the  2018  Comprehensive Annual Financial
 Report.
   The actuarial assumptions and methods used are described in the  2015,
 2016,  2017  and  2018  Annual  Report  to  the Comptroller on Actuarial
 Assumptions, and the Codes, Rules and Regulations of the  State  of  New
 York: Audit and Control.
   The Market Assets and GASB Disclosures are found in the March 31, 2018
 New  York  State  and  Local  Retirement System Financial Statements and
 Supplementary Information.
   I am a member of the American Academy of Actuaries and meet the Quali-
 fication Standards to render the actuarial opinion contained herein.
   This fiscal note does not constitute a legal opinion on the  viability
 of  the  proposed change nor is it intended to serve as a substitute for
 the professional judgment of an attorney.
   This estimate, dated April 5, 2019, and intended for use  only  during
 the  2019  Legislative Session, is Fiscal Note No. 2019-100, prepared by
 the Actuary for the New York State and Local Retirement System.